Gold and silver prices cratered Friday after President Trump named Kevin Warsh to lead the Federal Reserve, following months of gains driven in no small part by fears over the central bank's independence. The big picture: The selloff follows a year when the precious metals soared as if they were meme stocks or the hot new tech darling. Today's plunge was seen by many market analysts as an inevitable move for an asset class primed to retreat, with the Fed news merely a catalyst. State of play: Gold futures tumbled 9% Friday afternoon, to $4,901 per ounce. It saw the biggest daily decline since the early 1980s, per Bloomberg . - Silver plunged 27%, to $83.35 an ounce, the steepest one-day decline since 1980, per MarketWatch . What…
Some investors aren't happy with President Trump's Federal Reserve chair nominee Kevin Warsh. Why it matters: He hasn't even been confirmed for the job, and there's already tension in the market. What they're saying: "I don't like the pick," Neil Dutta, chief economist at Renaissance Macro Research, wrote in a note to clients. - Dutta tells Axios: "I don't think people should change their investment plans around Warsh. The Fed is bigger than any one person. At the margin, Warsh represents a bit of uncertainty." - One concern is that Warsh will cut interest rates now to appease Trump even if lower rates aren't warranted, which could result in the need for increases later on. Between the lines: Investors may not be changing their…
The Senate passed legislation Friday to separate the fight over ICE funding from the threat of a broader government shutdown. Why it matters: It's a major step toward resolving the partial government shutdown that's set to begin at midnight, even as it leaves open questions about whether Democrats can deliver on promises to force changes at the Department of Homeland Security. - The package, which funds non-DHS programs through Sept. 30 and continues DHS funding at its current level for two weeks, passed 71-29. - Five Republicans and 24 Democrats voted "no." Driving the news: Negotiations will now continue over Democrats' demands for changes at the department. - Senate Minority Leader Chuck Schumer (D-N.Y.) has said he's willing to…
Saudi Defense Minister Prince Khalid bin Salman (KBS) said in a private briefing on Friday in Washington that if President Trump doesn't follow through on his threats against Iran , the regime will end up stronger, four sources in the room tell Axios. Why it matters: This is a reversal from the public Saudi talking points cautioning against escalation and from the deep concern Crown Prince Mohammed bin Salman (MBS) expressed to Trump three weeks ago. That warning was one reason Trump decided to delay a strike. Catch up quick: KBS, the crown prince's younger brother and closest confidant, was visiting Washington for meetings on Iran as the region braces for U.S. military action, and a response Tehran has vowed would be "unprecedented" in…
NewsNation correspondent Nancy Loo reports from Minnesota, where anti-ICE protests continue unabated. Organizers who oppose the Trump administration’s immigration enforcement say more than 250 protests were held in 46 states. #ICE #Minneapolis #Immigration Anchor Elizabeth Vargas delivers the biggest stories, without bias or opinion. Watch "Elizabeth Vargas Reports" every weeknight at 7p/6C on NewsNation. #VargasReports NewsNation is your source for fact-based, unbiased news for all Americans.
The Senate voted 71-29 Friday to approve a funding package to keep most of the government running while holding back money for the Department of Homeland Security and its embattled agency, ICE. NewsNation correspondent Joe Khalil has the latest. #ICE #Senate #Funding Anchor Elizabeth Vargas delivers the biggest stories, without bias or opinion. Watch "Elizabeth Vargas Reports" every weeknight at 7p/6C on NewsNation. #VargasReports NewsNation is your source for fact-based, unbiased news for all Americans.
Former CNN anchor Don Lemon was arrested Thursday and released without bond after reporting on the Trump administration’s immigration crackdown in Minnesota earlier this month. Anchor Elizabeth Vargas delivers the biggest stories, without bias or opinion. Watch "Elizabeth Vargas Reports" every weeknight at 7p/6C on NewsNation. #VargasReports NewsNation is your source for fact-based, unbiased news for all Americans.
The "Shark Tank" personality's comments came as Trump appointed Kevin Warsh to lead the Federal Reserve.
AI:Kevin O'Leary defended billionaire wealth accumulation on NewsNation, arguing that concentrated capital serves as a vital engine for job creation and philanthropy. His comments arrived amidst the fallout from President Trump nominating Kevin Warsh to lead the Federal Reserve, highlighting the ongoing debate regarding the intersection of centralized monetary policy and the influence of private wealth interests in the American economy.Open
